My Car was recently totaled.. How will it's value be determined by my insurance company?
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My Car was recently totaled.. How will it's value be determined by my insurance company?
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I currently have Nationwide insurance, and my car was totaled in a hit and run accident.
There is damage to the hood of the car that is not associated to the accident... will this affect the the final value of the car as determined by the insurance company? or would it be smart to run to a junk yard and get a replacment?
Also, how would a salvage value be determined?
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pickmefirstplz
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the insurance companies have a book in which all car prices are listed you will get that price plus state sales tax if you state has that buy back is about $250 from the insurance company the hood will not make any difference |
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mbrcatz
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Insurance companies subscribe to a service, that gives them localized private party sales figures. You can get an approximate amount, by calculating the private party sales value at www.kbb.com, for your car.
They would depreciate for the damage to the hood. If they've already PAID you for it, they would subtract the amount they paid, PLUS your deductible, from the final value.
If you have a salvage or rebuilt title, they'll cut that figure in HALF.
Salvage value is determined by what kind of car you have, what it's worth for usable parts, etc. Most of the time, for an "average" vehicle, it's going to be around $1,000 - but if you have a corvette, it could be a lot more. |
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♥ Uwish ♥
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the insurance company will run an evaluate to determine the actual cash value (ACV)
They will also write an estimate for Unrelated Prior Damage. This amount will be deducted from the ACV and that is what your offer would be,
you can go to http://www.nadaguides.com/home.aspx to get an idea of what the insurance company's evaluation will be,
And despite what anyone else may tell you, they DO NOT use KBB |
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Jase
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get it fixed and sell it on craiglist because ur tadein or resale is gonna b lower than dirty
depends on year miles and how bad it was hit if fame damge just fix or try n sell how it is |
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